However, Auth believes it will be difficult for the Chinese government to reassure the market near-term.

"Chinese policymakers have sullied what little credibility they had after August's blunders with their off-again, on-again, off-again approach to market circuit breakers and their very awkward attempts to devalue the Chinese yuan. This lost credibility will be very tough to win back," Auth said.

He sees more pain before we get some stability in the market.

"A more reasonable [S&P 500] year-end target for 2016 is probably about 2,150. We continue to have confidence the long-term move is higher, but a combination of a slower earnings recovery and a more skeptical investor base holding back multiples probably means that 2,500 is delayed until late in 2017," Auth said.